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Cashin In

News/Business. A practical look at money management. (CC)

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00:31:00

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mpeg2video

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ac3

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Us 7, Eric 5, Julie 4, Washington 3, China 3, Michelle 3, U.s. 3, Me 2, Obama 2, Bowie 2, Cahoneys 2, America 2, Connell Mcshane 1, John 1, Havec 1, Amazon 1, Jonathan 1, Eric Bolling 1, Cashin 1, Middle East 1,
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  FOX Business    Cashin In    News/Business. A practical  
   look at money management. (CC)  

    November 24, 2013
    2:30 - 3:01am EST  

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>> i like lzb, too. >> that's it for me. have a great weeke. thanks for watching. i'm see you later as a guest host of the journal report. keep it here. the president's affordable care act. is it affordable? college kids are losing their school health plans. >> i'm disappointe because it was supposed to solve problems and help a lot of people and it's not. >> and how is this for irony, the president doing a victory lap reading a letter from a woman thanking him for affordable care. guess how that turned out? >> it was a huge disappointment. i ju felt really embarrassed. >> so we asked, the affordable care act, i it really affordable? plus, we warned you, your privacy is not safe on the obama care website. so security experts, what do you think? >> no. >> no. >> no.
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>> no. >> will they agree with us? find out why. plus, even hot dogs are feeling heat from obama care. "cashing in" on your saturday morning starts right now. hi, everyone. welcome to "cashin in." i'm eric bolling. remember when the president said this? >> five days from now on october 1st, they will finally be able to buy quality affordable health insurance. >> well, apparently it's not affordable or secure. prom college kids losing their corage this week to deductibles soaring, and from insurers raising their rates to my favorite, the woman who the president touted as a poster child for obama care last month, well, now she's finding out she can't afford coverage after all. michelle, the affordable care act, unaffordable? >> it's not affordable. and we've been warning about this since 2010. the reason why it's not
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affordable is because you need lots of young people to sign up. and they're not signing up. and you can't really blame them. premiums for young adults are increasing at almost every single state, and we're not talking about a w bucks. we're seeing triple-digit increases. and if young people don't sign up, whi they're not, there's no one to offset the costs. so we're seeing premiums spike for everyone else. >> john, this is really the -- one of the most important parts of the affordable health care act staying affordable for everyone, including the taxpayer to support this on the backside, the bailouts for insurers and whatnot, is young people, healthy people to pay into the system, not just a whole bunch of those taking out of the system. >> it unaffordable for all of us, eric. what makes increasing innovation progress? it's man's mind. it's freedom. it's free trade, voluntary trade, self-interested trade, and a free economy. but obama care, of course, is exactly the opposite. it's rce.
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and from force, only wealth and destruction can follow. that's exact lay whatwe are seeing inbama care a couple months in. >> let's do this, julie. i want to roll the president obama reading a letter from a woman in washington state that's just so happy she was awarded affordable health care. listen. >> i was crying the other day when i signed up . so much stress lifted. that's what the affordable care act is about. >> now that woman signed on to healthcare.gov, and there was a glitch. the washington state center called her and said,you'u're no getting $250 per month health care. you're getting $600. >> that was a huge disappointment. i just felt very embarrassed. >> it's not affordable. >> in defense of this woman, she got completely screwed by the government. despite your demeanor and the fact that this woman is not
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getting health care, she didn't have it before, eric, so she's no worse off today. >> i'mot gleeful she didn't get health insurance. i feel sad for her. i have a bunch more sad ories to follow. >> you can go through all of them. >>ut the point is president obama was so sure about this. they went out and sold this thing, they touted it and he went to the rose garden and read her letter. it was all based on myth. >> for some people, right? this woman, you're right, she got hosed because washington state gave her a bad quote. she has an autistic son and didn't have health care before and she finallythought, at long last, she'll be able to afford it. she won't be able to afford it. she makes $50,000 and is not eligible for the subsidies she thought she was eligible for. she doesn't want to pay 10% of her salary for health care, then that's her decision. >> too bad! >> go ahead, lane, weigh in. >> i was going to say this morning in the makeup chair, i
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was talking to the lady who does makeup, she's exactly -- the sameme thing happened to her. she's priced out of themarket. all the things that obama care, if you will, requires, she doesn't need. and she's required to pay for that for somebody else. she's 30 years old. it's going to -- it docks her income for 20% by the time she's through. it's outrageous what this has done. and jonathan is right when he said this is a coercive event that should be dismantled and they should start over. 28 pages of garbage and they had no idea what s going to happen. >>ohn, go ahead. >> let me just say, the president doesn't care that it's not affordable because it wasn't about making health care affordable. it was about getting control of health care. and the left loves to count these entitlements, social security, medicare and medicaid as gat accomplishments, but 15% your life already goes to fund thesentitments. so it's a success for the
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president because it's another 5% to 10% of your life under government. that was the whole purpose of obama care from the start. >> let's -- >> wait, julie, let's tell the seniors they can't afford health care. >> julie, you are paying more. >> you're getting off topic. we'll stay on affordable health care, whether it's affordable or not. michelle, in the cold open, we rolled a little bit of sound from a gentleman who his health insurance at school was lifted. the school bowie state and other colleges decided not to offer insurance plans. his plan used to cost aund $50 per semester or $100 a year. the new plan, guys, do we havec? the new plan is around $900 per semester or $1800 per year. michelle, if college kids can't get it, if middle age women can't afford it, who is going to be able to afford health insurance policy? >> nobody. look, you need young people. young people can't afford it. they can't even find a job.
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they can't even pay their student loans. they're not going to pay $3,000 a year on health insurance policy. and look, if you are paying more money,veryone is paying more money for this plan. and if you are, you expect to get something better, right? but with obama care, you don't. a lot of the top rated doctors and hospitals are actually excluded for most of the obama care plans. and that's especially troubling for people who live in rural areas who only have one hospital in their town that they can no longer go to. >> but let me just dispel a few myths here. one, thanks to obama care, the kids can stay on their parents health care until they are 26. tw-- >> that won't work! you need young people. that's the problem. >> bowie state's previous plan had a $5,000 cap. one keg party later -- >> julie, you need young people. and you're telling me that now young people can stay on their parents insurance policy. >> these kids can go in the exchanges and get subsidized because they can't afford the
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full rate. get subsidies and not deal with his lifetime tab. >> go ahead. john. >> it is just like this woman who the president trotted out. she didn't get the subsidies. they make all these promises, and when it doesn't work out, they say, too bad, you are just a p in the wheel. >> this woman makes $50,000. a college ki that's making $50,000? i'm not worried about affordability. >> hold on. >> this week we found out the obama administration decided to delaone rtion of the mandate until after the 2014 elections by two weeks. is this the sleaziest political ploy you have ever seen in your life? >> well, it's not the sleaziest, eric, but it's right at the bottom. i mean, the sleaziest is really what harry reid did this last when when he changed the rules in the senate. but it's going to come back to them. the democrats are going to rue the day they have done this and it will backfire on them.
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but let me come back to something we talked about earlier, and i think michelle was right, the pool that everybody's going into make th work has to be balanced by younger people coming into it. the younger people are not going to sign up for it because it is too expensive because it requires things for them to do that they don't need yet. and they are not going to sign up for it, so it's not going to work. it's a debacle. everybody predicted that. and why we can't reverse that, i don't know! we reversed the18th amendment for booze. we reversed it with the 21st amendment. this thing should be dumped. let me finish, please! this should be dumped and they should start all over. >> you tried and you failed. it's never going away, so just live with it. >> julie, you think the good part is that parents can be on their parents insurance, that's the problem. kids are not going to buy it. they can't buy it or won'tuy it and end up going on tir parents. there are going to be no young people to subsidize the older people. that leads to the debt swirl.
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>> full screen, very quickly, here are the number of peop who actually have enrolled in obama care so far. take a look at this map. look, that represents 108,000. if you extrapolate that metrically, exactly the numbers, take a look at how many pple have been thrown off their health care. look what's going on her john, this is not working. more people are without health insurance since obama care started than people getting health insurance. >> yeah, count me among those, eric, who lost my health insurance thanks to obama care. and i'm told to go to a website that doesn't even work to not get a subsidy, this is bound to fail. not because the website doesn't work, because of its very nature. governnt force in health care is a rece for disaster. we're seeing it unfold right in front of our eyes. and if the right had any cahoneys, they would say t government needs to get out of all the entitlement programs altogether. obama care is a great place to start. >> we'll leave it there. i think the left had any
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cahoneys, they would scrap is who i will thing. we'll leave it there. konchtsme coming up, do you think the healthcare.gov website not working is the biggest problem? >> temporarily down. >> that's okay, it will come back. that happens every day.
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take a look at the screen next to me. th is the warning you saw a few weeks ago that your privacy is not safe on the health care website. now security experts confirming it on capitol hill this week. listen. >> do anyof you today think today that the site is secure? >> no. >> no. >> no. >> no. >> all of them saying americans should not use the website yet because it's vulneble to hackers. jonathan, anything you have to say, do it for us. we told you so. >> we told you so. we told you so for weeks and months. i told you so, hellno, this website isn't safe. it's not a political pundit telling you that, it's the security experts. they deal with companies every day on the internet. amazon, e-bay, various types of banks, you trust them, you trust them with your valuable data. but obama's got a lot of nerve. he causes your health care plan
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to be canceled and sends you to a website that doesn't work. and if it does work, the security experts themselves say it isn't safe. this is central planning brought to health care that's failing right in front of r eyes. >> michelle, we pointed out if you check the box on the website, it sends you to another area that you didn't say. it's not on the front page of the website, but it also tells you you should have no reasonable expectation of privacy. we scratched our head and said, do you really want to check that box? >> what this obama care rollout has done is it sends a message to the american people and every u.s. hacker that the u.s. vernment doesn't know what in the world they're doing. and hkers are going to take adntage of that. they are not sitting at home twiddling their thumbs. they will take advantage of it. and it makes me angrythat the u.s. government knew there was security risks with this website. there was a government report three days before the obama care launched that detailed those risks, and the obama administration decided to launch it. >> rig.
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truly, michelle makes a good point, they clearly knew there were some issues, they knew that the website wasn't ready. at one point one of the tech experts testified it was only 60% ready to go. the only 40% not so much so. yet they unrolled it anyway. america, in effect, was like this big beta testing of the website. >> the rollout was a depackle. i'm not going to excuse it. anybody who is excusingt is drinking the kool-aid. there's no excuse for this website and how it was handled to the fact that it's still not working. and i said this before, for those of uswh believed in the plane and those who wanted to see this succeed, for now we have lost our competence in this administration. >> glad you ought that up. wayne, we have a big full screen of kathleen sebelius, health and human services secretary onset, i'm not sure if you can see it, is it time that she either steps down or president obama steps up and says, time to go. show is tthe secretary the door? >> eric, i don't think firing people corrects this. of course, she's incompetent.
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of course the whole thing was badly done, but if you're going to start firing people, you've got to fire everybody because the whole thing doesn't work. it's a bad -- it's a bad system. >> hold on there. wait a minute. aren't you one of the owners in the open aids? >> yes, that is true. >> they are 100 games in yet and they haven't won. don't you fire the coh? >> yeah, they may fire the coach, but that's a different thing. in the following sense, i'm not looking for retribution, i'm looking for success. this was doomed to start. whether this woman was there or a genius was there. >> i think new leadership could. >> i'm not finished yet. please be quiet. when i say, when this thing is not done, it was doomed to buffet you from the start because none of this was tested. none of it was worked out. they didn't know what they were doing and should start a over.
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in other words, they have to start again. >> don't yell at me. we have to go. please don't yell at me. coming up, we go from websites wienies. the ho dogs are sd
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nancy pelosi told us we have to pass it to find out what's in it. we're still finding out and don't convenience stores know it. some complaining an obama care rules force them to list nutritional information for food
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they sell and it will drive costs up. wayne, those hot dogs may not be as affordable as they used to be. >> this is theederal government inserting itself into the free market system, which is just stupid. they're all a bunch of wienies, if you'll excuse of expression. >> i'd love to know what the content is. you really should know what's going in your mouth. it's important to know the ingredients if you have allergies. this is important information for consumers to have. what's wrong with it? >> michelle, this could cost $61 billion. >> this is one of those rules that seems nice and harmless but it's expensive and unnecessary. there are applications for web sites and your phonehat do this. the person who will end up paying for this is the consumer. the businesses will have to spend money to do this and the business will pass on to thast could consumers by raising prices. we end up losing. >> the affordable hot dog act, can we rename it? >> thousands of dollars.
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why do businesses have to do it? because they want to? because customers want to? no. because obama has a gun to their head. obama care is all about force. according to study after study cluding one from carnegie mellon says listing the colalors ev if you list them. obama care wasn't about improving anything. it's about control over people's health care and over retail establishme establishments. >> let's rename obama care. let's call it the wienie act. we'll leave it there, say thank you to michelle and julie. coming up, two defining moments in u.s. history, one priceless lesson for all americans. that's next.
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tim for what do i need to know for next week? wayne? >> i've been looking china. i've had an etf that did very well ts last year. as china improves in the middle class rises, take a look at noah, a chinese money manager. china is discovering the free market system works better than what they had before. >> john?
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>> guess who's privatizing their infrastructure. nigeria. gne tracks nigerian stocks. it's hitting through highs as the rest of the market looks soft. >> all over the globe lately. middle east, now africa. good job, good calls. we're going to leave it there. thanks very much. thanks for joining us. before we go, this week we're observing a couple of defining moments in american history. 50 years ago yesterday jfk was assassinated in dallas and 150 years ago abraham lincoln delivered one of america's most important speeches at gettysburg. lincoln was a republican president who fought civil war over freeing slaves. in fact, it was with 100% republican votes that passed t 13th amendment to our cotitution which abolished slavery. and it was with republican votes and no democrat votes that passed the 14th and 15th amendments granting freed slaves citizenship and blacks the right
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to vote. so when democrats call republicans racist or anti-minority, read a little history, pick up your pocket constitution and you'll figure it out. see you on the >> we are a nation at ri. and the threat may not be what you expect. thanks for joining us. i'm connell mcshane. reporting from new york. the head of national intelligence said earlier this year that cyber attacks arehe leading threat to national security. >> it is importan and reach as a global threat can not be overstated. >> few understand the sheer capability hackers haven disrupting our nation impact a major attack would have on as we go in our daily lives. in the next hour we'll look at some of those threats and we'll look forward to come up with solutions. here to help us do that is mikeaker,